Sony Corp. cut its full-year profit outlook Thursday after
its fiscal second quarter net loss widened due to a loss in its movie business,
according to wsj.com.
The Japanese electronics giant said net loss for the three
months ended Sept. 30 widened to Y19.3 billion ($196 million) from a loss of
Y15.5 billion a year earlier. Analysts polled by Thomson Reuters had projected
a net profit of Y12.08 billion for the quarter.
Operating profit fell 51% to Y14.8 billion from Y30.3
billion, even as revenue rose 11% to Y1.78 trillion from Y1.6 trillion.
Sony's latest quarterly results will likely spur concerns
among investors, who have been closely watching the company's earnings to
identify any real signs of recovery. For the last fiscal year ended March, Sony
posted its first annual net profit in five years, but its TV business remained
unprofitable and its smartphone business trailed far behind Apple Inc. and Samsung
Electronics Co.
Sony blamed the second quarter loss mainly on its movie
business, which posted an operating loss of Y17.8 billion in the quarter,
reversing from a profit of Y7.9 billion a year earlier. Sony cited
disappointing box office performance of some of its films.
Sony's movie and music businesses have come under the
spotlight this year since hedge-fund investor Daniel Loeb called for a spin-off
of the entertainment division through an initial public offering.
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